GVC offer up to £1bn
GAMING group GVC has raised the stakes with a sweetened £1billion takeover proposal for Bwin.party.
GVC recently agreed a deal worth just under £900million with rival 888
The online poker group recently agreed a deal worth just under £900million with rival 888 despite a slightly higher offer from GVC and Amaya, the Canadian owner of PokerStars.
GVC’s fresh approach values Bwin stock at 122½p compared with the 888 deal at just over 104p.
GVC predicted annual cost savings of over £96million by the end of 2017.
Broker Canaccord Genuity said: “We believe that 888 will raise its offer, backed by more ambitious synergy targets.” Bwin shares rose 3p to 111¾p.